How to calculate indexation for a house
Indexed cost of acquisition = cost of acquisition multiplied by the cost inflation index (CII) of the year in which asset is sold, divided by CII for the year in which plot was first held by previous owner or FY 2001-02 (whichever is later)
In 1971, my grandfather constructed a house on a plot purchased by him. In 2015, my father demolished it and constructed a new house from his own funds and in 2016 my grandfather gifted the same house to me. How do I calculate the indexation if I were to sell the house?